When and where these stores are closing is currently unknown.
last week, Walgreens CEO Rosalind Brewer said there were a couple of factors that"held back" the company's earnings during the quarter.For one, she said that demand for some COVID-19 services was lower than expected. The number of COVID-19 tests conducted in the quarter was"down sharply" and the number of COVID-19 vaccines Walgreens administered in the quarter dropped 83% from the prior year, Brewer said.
"We are in turn taking the prudent step of further reducing our expectations for COVID contributions going forward," she said. Additionally, Brewer noted that Walgreens customers have been cutting back on spending as they continue to deal with highThe decision to shutter hundreds of stores is part of a larger effort Walgreens is currently undertaking to cut costs. Walgreens CFO James Kehoe revealed during last week's earnings call that the company's cost-cutting initiative also recently led them to let go of 500 employees as part of an organization restructuring.
It remains unclear for now which 150 Walgreens stores in the United States will close down. When contacted for more details, a Walgreens representative said that the company had no additional information to share about which specific locations will be impacted. However, the representative did specify that the American stores will close by the end of Walgreens' 2024 fiscal year, which concludes at the end of August 2024.
With these closures, Walgreens will join a growing list of grocery chains shuttering locations this year. Walmart, the top grocery retailer in the United States in theranking, is one of them. The chain is closing around two dozen underperforming stores in 2023, according to the latest tally from
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